United Overseas Bank Limited - PDF - PDF

							                         FEDERAL RESERVE BANK OF NEW YORK
                                    NEW YORK, N.Y. 10045-0001

                                        AREA CODE 212-720-5000




                                                       October 22, 1998
Neal J. Curtin, Esq.
Bingham Dana LLP
150 Federal Street
Boston, Massachusetts 02110-1726

Dear Mr. Curtin:

        We are pleased to inform you that the Federal Reserve Bank of New York, acting
under authority delegated by the Board of Governors of the Federal Reserve System (the
“Board”), at Section 265.11(c)(11) of its Rules Regarding Delegation of Authority, today has
approved the notice by United Overseas Bank Limited, Singapore (“Notificant”) for prior
approval, pursuant to Section 4(c)(8) of the Bank Holding Company Act of 1956, as amended
(the “BHC Act”), to engage indirectly through its to-be-formed 70 percent owned subsidiary,
UOB Global Capital LLC (“Newco”), a Delaware limited liability company, in acting in agency
or custodial capacities pursuant to Section 225.28(b)(5) of Regulation Y and engaging in
financial and investment advisory activities pursuant to Section 225.28(b)(6) of Regulation Y;
TeamCo Management Co., LLC, an unaffiliated company owned by the management of
Newco, will hold the remaining 30 percent of Newco.

       The proposed activities are described in the Federal Register notice as follows:
       Acting in agency or custodial capacity for customers, pursuant to Sec. 225.28(b)(5) of
       Regulation Y; and providing financial and investment advisory and management
       services to individuals and corporations, generally on a discretionary basis, pursuant to
       Sec. 225.28(b)(6) of Regulation Y.

The proposed activities will be conducted nationwide.
        The proposed activities appear to be of the kinds determined by the Board to be so
closely related to banking or managing or controlling banks as to be a proper incident thereto.
        Based on the foregoing and other considerations reflected in the record, this Reserve
Bank has determined that the public interest factors the Board is required to consider under
Section 4(c)(8) of the BHC Act outweigh possible adverse effects. In taking this action, the
Reserve Bank has relied upon all of the representations made by Notificant in the record of the
notice.
       This action is subject to the Board's authority to require reports by, and make
examinations of, foreign banking organizations (“FBOs) and their subsidiaries, and to require
such modification or termination of the activities of a FBO or any of its subsidiaries as the
Board finds necessary to assure compliance with, or prevent evasions of, the BHC Act, and the
Board’s regulations and orders issued thereunder.
       Please advise us in writing promptly when the proposal is consummated.

                                                   Very truly yours,

                                                     /s/

                                                   Jay B. Bernstein
                                                   Bank Supervision Officer
cc:    Board of Governors